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Competition Commission raids 8 insurance companies for alleged collusion — including Discovery, Sanlam, and Momentum

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The offices of Discovery, Sanlam, Old Mutual, Momentum and four other major long-term insurance companies were raided on Thursday to gather evidence on alleged collusion in setting fees for investment products.

The Competition Commission conducted search and seizure operations at the premises of eight major insurance companies in South Africa on Thursday, 25 August 2022.

“According to the information at the disposal of the Commission, the companies under investigation share information on premium rates for risk-related products and fees for investment products, which enables them to adjust the prices of their existing and new insurance products,” the commission stated.

“The operations are being conducted at five sites in Gauteng, two in Western Cape, and one in KwaZulu-Natal,” the commission stated.

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Eight insurance companies, including Discovery and Sanlam, raided on Thursday – here’s whyEight insurance companies, including Discovery and Sanlam, raided on Thursday – here’s why Competition Commission investigators seized documents and electronic data from the head offices of the insurance companies on Thursday.
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CompCom raids eight major insurance companies[JUST IN] CompComSA says it has reasonable grounds to suspect that 8 major SA life insurance companies have engaged in collusive practices to fix prices &/or trading conditions in respect of fees for life insurance & other products Moneyweb CompanyNews
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